Municipal bonds have long been considered suitable for high net worth investors because their yields are generally excluded from federal income tax and, in some cases, state and local...
The adoption credit is a nonrefundable tax credit, which means that the tax credit amount is limited to taxes due on your 2020 income tax return. Any additional credit value can be...
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
The non-profit status may make an organization eligible for certain benefits, such as exemptions on state sales, property tax, and income; however, this corporate status does not automatically...
Is Foster Income Taxed?Payments received as Foster Income are NOT taxable, so you do not need to report them. Suppose the assistance is provided to a qualified foster individual and...
The EITC (earned income tax credit) is a refundable credit that applies to all taxes owed after completing the return and calculating the amount owed. The Internal Revenue Service...
Posted by Carmen Garcia on 09/14/2020
The Internal Revenue Code (IRC) talks about Title 26 of the U.S. Code. It is commonly called IRS Code or IRS tax code with laws enforced by the Internal Revenue Service. The United...
Posted by Elliot Kravitz, ATP on 08/28/2020